☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 001-40260 | N/A | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
PO Box 1093, Boundary Hall Cricket Square Grand Cayman, Cayman Islands | KY 1-1102 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one redeemable warrant to acquire one Class A ordinary share | TBSAU | The NASDAQ Stock Market LLC | ||
Class A ordinary shares included as part of the units | TBSA | The NASDAQ Stock Market LLC | ||
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | TBSAW | The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 1. | Financial Statements (Unaudited) |
June 30, 2021 | ||||
Assets | ||||
Current assets: | ||||
Cash | $ | 971,242 | ||
Prepaid expenses | 595,955 | |||
Total current assets | 1,567,197 | |||
Cash Held in Trust account | 200,007,135 | |||
Other assets | 402,945 | |||
Total assets | 201,977,277 | |||
Liabilities and Shareholders’ Equity | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 412,000 | ||
Due to related party | 64,768 | |||
Total current liabilities | 476,768 | |||
Warrant Liabilities | 11,000,001 | |||
Total liabilities | 11,476,769 | |||
Commitments | 0 | |||
Class A ordinary shares subject to possible redemption, 18,550,051 shares at redemption value of $10.00 per share | 185,500,507 | |||
Shareholders’ equity: | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaNissued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,449,949 shares issued and outstanding ( excluding 18,550,051 shares subject to possible redemption) | 145 | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | |||
Additional paid-in capital | 1,480,139 | |||
Retained earnings | 3,519,217 | |||
Total shareholders’ equity | 5,000,001 | |||
Total liabilities and shareholders’ equity | $ | 201,977,277 | ||
September 30, 2021 | ||||
Assets | ||||
Current assets: | ||||
Cash | $ | 486,626 | ||
Prepaid expenses | 574,903 | |||
Total current assets | 1,061,529 | |||
Cash held in Trust account | 200,010,548 | |||
Prepaid expenses, non-current | 263,055 | |||
Total assets | $ | 201,335,132 | ||
Liabilities and Shareholders’ Deficit | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 167,000 | ||
Due to related party | 126,065 | |||
Total current liabilities | 293,065 | |||
Warrant liabilities | 6,380,001 | |||
Total liabilities | 6,673,066 | |||
Commitments and Contingencies | 0 | |||
Class A ordinary shares subject to possible redemption, 20,000,000 shares at redemption value of $10.00 per share | 200,000,000 | |||
Shareholders’ Deficit: | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; NaN issued and outstanding (excluding 20,000,000 shares subject to possible redemption) | 0 | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | |||
Additional paid-in capital | 0 | |||
Accumulated deficit | (5,338,434 | ) | ||
Total shareholders’ deficit | (5,337,934 | ) | ||
Total Liabilities and Shareholders’ Deficit | $ | 201,335,132 | ||
Three Months Ended June 30, 2021 | January 27, 2021 (Inception) Through June 30, 2021 | |||||||
Formation and operating costs | $ | 288,784 | $ | 329,586 | ||||
Loss from operations | (288,784 | ) | (329,586 | ) | ||||
Other Income (Expense) | ||||||||
Interest income | 7,135 | 7,135 | ||||||
Offering expenses related to warrant issuance | 0 | (228,331 | ) | |||||
Change in fair value of warrant liabilities | 3,519,999 | 4,069,999 | ||||||
Total other income | 3,527,134 | 3,848,803 | ||||||
Net income | $ | 3,238,350 | $ | 3,519,217 | ||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 18,229,775 | 18,226,407 | ||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.00 | ||||
Weighted average shares outstanding, Non-redeemable ordinary shares | 7,066,929 | 6,482,387 | ||||||
Basic and diluted net income per share, Non-redeemable ordinary shares | $ | 0.46 | $ | 0.54 | ||||
Three Months Ended September 30, 2021 | January 27, 2021 (Inception) Through September 30, 2021 | |||||||
Formation and operating costs | $ | 461,855 | $ | 791,441 | ||||
Loss from operations | (461,855 | ) | (791,441 | ) | ||||
Other Income (Expense) | ||||||||
Interest income | 3,413 | 10,548 | ||||||
Offering expenses related to warrant issuance | 0 | (228,331 | ) | |||||
Change in fair value of warrant liabilities | 4,620,000 | 8,689,999 | ||||||
Total other income | 4,623,413 | 8,472,216 | ||||||
Net income | $ | 4,161,558 | $ | 7,680,775 | ||||
Weighted average shares outstanding of Class A ordinary share | 20,000,000 | 15,384,615 | ||||||
Basic and diluted net income per share, Class A ordinary share | $ | 0.17 | $ | 0.38 | ||||
Weighted average shares outstanding of Class B ordinary share | 5,000,000 | 4,898,785 | ||||||
Basic and diluted net income per share, Class B ordinary share | $ | 0.17 | $ | 0.38 | ||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance as of January 27, 2021 (Inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Founder Shares | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Sale of Units in Initial Public Offering, net of underwriter’s fees, other offering costs and fair value of Public Warrants | 20,000,000 | 2,000 | — | — | 186,390,957 | — | 186,392,957 | |||||||||||||||||||||
Excess Sponsor paid over Fair value of Private Placement Warrants | — | — | — | — | 563,334 | — | 563,334 | |||||||||||||||||||||
Class A ordinary shares subject to possible redemption | (18,226,216 | ) | (1,823 | ) | — | — | (182,260,334 | ) | — | (182,262,157 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 280,867 | 280,867 | |||||||||||||||||||||
Balance as of March 31, 2021 | 1,773,784 | $ | 177 | 5,750,000 | $ | 575 | $ | 4,718,382 | $ | 280,867 | $ | 5,000,001 | ||||||||||||||||
Forfeiture of Founder Shares | — | — | (750,000 | ) | (75 | ) | 75 | — | — | |||||||||||||||||||
Class A ordinary shares subject to possible redemption | (323,835 | ) | (32 | ) | — | — | (3,238,318 | ) | — | (3,238,350 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 3,238,350 | 3,238,350 | |||||||||||||||||||||
Balance as of June 30, 2021 | 1,449,949 | $ | 145 | 5,000,000 | $ | 500 | $ | 1,480,139 | $ | 3,519,217 | $ | 5,000,001 | ||||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Equity (Deficit) | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of January 27, 2021 (Inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Founder Shares | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Excess Sponsor paid over Fair value of Private Placement Warrants | — | — | — | — | 563,334 | — | 563,334 | |||||||||||||||||||||
Net income | — | — | — | — | — | 280,867 | 280,867 | |||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | — | — | — | — | (587,759 | ) | (13,019,284 | ) | (13,607,043 | ) | ||||||||||||||||||
Balance as of March 31, 2021, as restated | 0 | $ | 0 | 5,750,000 | $ | 575 | $ | 0 | $ | (12,738,417 | ) | $ | (12,737,842 | ) | ||||||||||||||
Forfeiture of Founder Shares | — | — | (750,000 | ) | (75 | ) | 0 | 75 | — | |||||||||||||||||||
Net income | — | — | — | — | — | 3,238,350 | 3,238,350 | |||||||||||||||||||||
Balance as of June 30, 2021, as restated | 0 | $ | 0 | 5,000,000 | $ | 500 | $ | 0 | $ | (9,499,992 | ) | $ | (9,499,492 | ) | ||||||||||||||
Net income | — | — | — | — | — | 4,161,558 | 4,161,558 | |||||||||||||||||||||
Balance as of September 30, 2021 | 0 | $ | 0 | 5,000,000 | $ | 500 | $ | 0 | $ | (5,338,434 | ) | $ | (5,337,934 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 3,519,217 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on Trust Account | (7,135 | ) | ||
Change in fair value of warrant liabilities | (4,069,999 | ) | ||
Offering costs allocated to Warrants | 228,331 | |||
Changes in current assets and current liabilities: | ||||
Prepaid assets | (998,900 | ) | ||
Accounts payable | 412,000 | |||
Due to related party | 64,768 | |||
Net cash used in operating activities | (851,718 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (200,000,000 | ) | ||
Net cash used in investing activities | (200,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from Initial Public Offering, net of underwriter’s discount | 196,000,000 | |||
Proceeds from purchase of Private Placement Warrants by related party | 6,500,001 | |||
Proceeds from issuance of Founder Shares | 25,000 | |||
Proceeds from issuance of Promissory note – related party | 133,541 | |||
Payment of Promissory note - related party | (133,541 | ) | ||
Payments of offering costs | (702,041 | ) | ||
Net cash provided by financing activities | 201,822,960 | |||
Net Change in Cash | 971,242 | |||
Cash - Beginning | 0 | |||
Cash - Ending | $ | 971,242 | ||
Supplemental Disclosure of Non-Cash Financing Activities: | ||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 181,753,690 | ||
Change in value of Class A ordinary shares subject to possible redemption | $ | 3,746,817 | ||
Initial value of warrant liabilities | $ | 15,070,000 | ||
Cash Flows from Operating Activities: | ||||
Net income | $ | 7,680,775 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on Trust Account | (10,548 | ) | ||
Change in fair value of warrant liabilities | (8,689,999 | ) | ||
Offering costs allocated to Warrants | 228,331 | |||
Changes in current assets and current liabilities: | ||||
Prepaid assets | (837,958 | ) | ||
Accounts payable and accrued expenses | 167,000 | |||
Due to related party | 126,065 | |||
Net cash used in operating activities | (1,336,334 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (200,000,000 | ) | ||
Net cash used in investing activities | (200,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from Initial Public Offering, net of underwriter’s discount | 196,000,000 | |||
Proceeds from purchase of Private Placement Warrants by related party | 6,500,001 | |||
Proceeds from issuance of Founder Shares | 25,000 | |||
Proceeds from issuance of Promissory note—related party | 133,541 | |||
Payment of Promissory note—related party | (133,541 | ) | ||
Payments of offering costs | (702,041 | ) | ||
Net cash provided by financing activities | 201,822,960 | |||
Net Change in Cash | 486,626 | |||
Cash—Beginning | 0 | |||
Cash—Ending | $ | 486,626 | ||
Supplemental Disclosure of Non-Cash Financing Activities: | ||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 200,000,000 | ||
Initial value of warrant liabilities | $ | 15,070,000 | ||
As of March 25, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Balance Sheet | ||||||||||||
Warrant Liabilities | $ | 0 | $ | 16,060,000 | $ | 16,060,000 | ||||||
Deferred underwriter’s discount | 7,000,000 | (7,000,000 | ) | 0 | ||||||||
Total Liabilities | 8,808,541 | 9,060,000 | 17,868,541 | |||||||||
Shares Subject to Redemption | 189,823,690 | (9,060,000 | ) | 180,763,690 | ||||||||
Class A Ordinary shares | 102 | 90 | 192 | |||||||||
Class B Ordinary shares | 575 | 0 | 575 | |||||||||
Additional Paid in Capital | 5,008,893 | 228,240 | 5,237,133 | |||||||||
(Accumulated Deficit) | (9,562 | ) | (228,330 | ) | (237,892 | ) | ||||||
Total Shareholders’ Equity | $ | 5,000,008 | $ | 0 | $ | 5,000,008 |
As Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 25, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 181,753,690 | $ | 18,246,310 | $ | 200,000,000 | ||||||
Class A ordinary shares | 182 | (182 | ) | 0 | ||||||||
Class B ordinary shares | 575 | 0 | 575 | |||||||||
Additional paid-in capital | 5,237,143 | (5,237,143 | ) | 0 | ||||||||
Accumulated deficit | (237,892 | ) | (13,008,985 | ) | (13,246,877 | ) | ||||||
Total shareholders’ Equity (Deficit) | $ | 5,000,008 | $ | (18,246,310 | ) | $ | (13,246,302 | ) | ||||
Number of shares subject to redemption | 18,175,369 | 1,824,631 | 20,000,000 | |||||||||
As Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 31, 2021 (as revised in footnote 2B per form10-Q filed on August 24, 2021) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 182,262,157 | $ | 17,737,843 | $ | 200,000,000 | ||||||
Class A ordinary shares | 177 | (177 | ) | 0 | ||||||||
Class B ordinary shares | 575 | 0 | 575 | |||||||||
Additional paid-in capital | 4,718,382 | (4,718,382 | ) | 0 | ||||||||
Retained earnings (accumulated deficit) | 280,867 | (13,019,284 | ) | (12,738,417 | ) | |||||||
Total shareholders’ Equity (Deficit) | $ | 5,000,001 | $ | (17,737,843 | ) | $ | (12,737,842 | ) | ||||
Number of shares subject to redemption | 18,226,216 | 1,773,784 | 20,000,000 | |||||||||
Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 23, 2021) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 185,500,507 | $ | 14,499,493 | $ | 200,000,000 | ||||||
Class A ordinary shares | 145 | (145 | ) | 0 | ||||||||
Class B ordinary shares | 500 | 0 | 500 | |||||||||
Additional paid-in capital | 1,480,139 | (1,480,139 | ) | 0 | ||||||||
Retained earnings (accumulated deficit) | 3,519,217 | (13,019,209 | ) | (9,499,992 | ) | |||||||
Total shareholders’ Equity (Deficit) | $ | 5,000,001 | $ | (14,499,493 | ) | $ | (9,499,492 | ) | ||||
Number of shares subject to redemption | 18,550,051 | 1,449,949 | 20,000,000 | |||||||||
Statement of Operations for the period from January 27, 2021 (inception) through March 31, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 18,182,633 | (15,995,133 | ) | 2,187,500 | ||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.04 | $ | 0.04 | ||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption | 5,891,351 | (1,281,976 | ) | 4,609,375 | ||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.05 | $ | (0.01 | ) | $ | 0.04 | |||||
As Previously Reported in 10-Q as of March 31, 2021 | Adjustment | As Revised | ||||||||||
Balance Sheet as of March 25, 2021 | ||||||||||||
Warrant Liabilities | $ | 16,060,000 | $ | (990,000 | ) | $ | 15,070,000 | |||||
Total Liabilities | 17,868,541 | (990,000 | ) | 16,878,541 | ||||||||
Shares Subject to Redemption | 180,763,690 | 990,000 | 181,753,690 | |||||||||
Class A Ordinary shares | 192 | (10 | ) | 182 | ||||||||
Class B Ordinary shares | 575 | 0 | 575 | |||||||||
Additional Paid in Capital | 5,237,133 | 10 | 5,237,143 | |||||||||
(Accumulated Deficit) | (237,892 | ) | 0 | (237,892 | ) | |||||||
Total Shareholders’ Equity | $ | 5,000,008 | $ | 0 | $ | 5,000,008 | ||||||
Number of ordinary shares subject to redemption | 18,076,369 | 99,000 | 18,175,369 | |||||||||
Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Warrant Liabilities | $ | 15,686,667 | $ | (1,166,667 | ) | $ | 14,520,000 | |||||
Total Liabilities | 17,516,175 | (1,166,667 | ) | 16,349,508 | ||||||||
Shares Subject to Redemption | 181,095,490 | 1,166,667 | 182,262,157 | |||||||||
Class A Ordinary shares | 189 | (12 | ) | 177 | ||||||||
Class B Ordinary shares | 575 | 0 | 575 | |||||||||
Additional Paid in Capital | 4,895,037 | (176,655 | ) | 4,718,382 | ||||||||
(Accumulated Deficit) | 104,200 | 176,667 | 280,867 | |||||||||
Total Shareholders’ Equity | $ | 5,000,001 | $ | 0 | $ | 5,000,001 | ||||||
Number of ordinary shares subject to redemption | 18,109,549 | 116,667 | 18,226,216 | |||||||||
Statement of Operations for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Change in fair value of warrant liability | $ | 373,333 | 176,667 | 550,000 | ||||||||
Net Income | $ | 104,200 | 176,667 | 280,867 | ||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 18,081,109 | 101,524 | 18,182,633 | |||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | 0 | 0 | 0 | |||||||||
Weighted average shares outstanding, Non-redeemable ordinary shares | 5,899,247 | (7,896 | ) | 5,891,351 | ||||||||
Basic and diluted net income per share, Non-redeemable ordinary shares | $ | 0.02 | $ | 0.03 | $ | 0.05 | ||||||
Statem ent of Cash Flows for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Net Income | 104,200 | 176,667 | 280,867 | |||||||||
Change in fair value of warrant liability | (373,333 | ) | (176,667 | ) | (550,000 | ) | ||||||
Initial Value of Class A ordinary shares subject to possible redemption | 180,763,690 | 990,000 | 181,753,690 | |||||||||
Change in Class A ordinary shares subject to possible redemption | $ | 331,800 | $ | 176,667 | $ | 508,467 |
As Reported | Adjustment | As Restated | ||||||||||
Statement of Operations for the threemonths ended June 30, 2021 (per form10-Q filed on August 24, 2021) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 18,229,775 | 1,770,225 | 20,000,000 | |||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.13 | $ | 0.13 | ||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption | 7,066,929 | (2,066,929 | ) | 5,000,000 | ||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.46 | $ | (0.33 | ) | $ | 0.13 | |||||
Statement of Operations for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 18,226,407 | (5,581,246 | ) | 12,645,161 | ||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.20 | $ | 0.20 | ||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption | 6,482,387 | (1,643,677 | ) | 4,838,710 | ||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.54 | $ | (0.34 | ) | $ | 0.20 | |||||
Statement of Changes in Shareholders’ Equity for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) | ||||||||||||
Sale of Units in Initial Public Offering, net of underwriter’s fees, other offering costs and fair value of Public Warrants | $ | 186,392,957 | $ | (186,392,957 | ) | $ | 0 | |||||
Class A ordinary shares subject to possible redemption (As of March 31, 2021) | (182,262,157 | ) | 182,262,157 | 0 | ||||||||
Class A ordinary shares subject to possible redemption (As of June 30, 2021) | (3,238,350 | ) | 3,238,350 | 0 | ||||||||
Accretion of Class A ordinary shares subject to possible redemption | 0 | (13,607,043 | ) | (13,607,043 | ) | |||||||
As Reported | Adjustment | As Restated | ||||||||||
Statement of Cash Flows for the period from January 27, 2021 (inception) through March 31, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) | ||||||||||||
Initial Value of Class A ordinary shares subject to possible redemption | $ | 181,753,690 | $ | 18,246,310 | $ | 200,000,000 | ||||||
Change in Class A ordinary shares subject to possible redemption | 508,467 | (508,467 | ) | 0 | ||||||||
Statement of Cash Flows for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) | ||||||||||||
Initial Value of Class A ordinary shares subject to possible redemption | $ | 181,753,690 | $ | 18,246,310 | $ | 200,000,000 | ||||||
Change in Class A ordinary shares subject to possible redemption | 3,746,817 | (3,746,817 | ) | 0 |
Three Months Ended June 30, 2021 | January 27, 2021 (inception) to June 30, 2021 | |||||||
Redeemable Class A Ordinary Shares | ||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | ||||||||
Interest earned on marketable securities held in Trust Account | $ | 7,135 | $ | 7,135 | ||||
Less: Income allocable to Non-Redeemable Class A Ordinary Shares | (517 | ) | (517 | ) | ||||
Net income allocable to shares subject to possible redemption | $ | 6,618 | $ | 6,618 | ||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares | ||||||||
Basic and diluted weighted average shares outstanding | 18,229,775 | 18,226,407 | ||||||
Basic and diluted net income per share | $ | 0 | $ | 0 | ||||
Non-Redeemable Class A and Class B Ordinary Shares | ||||||||
Numerator: Net Loss Minus Net Earnings | ||||||||
Net income | $ | 3,238,350 | $ | 3,519,217 | ||||
Less: Income allocable to ordinary shares subject to possible redemption | (6,618 | ) | (6,618 | ) | ||||
Non-Redeemable net income | $ | 3,231,732 | $ | 3,512,599 | ||||
Weighted average shares outstanding, basic and diluted | 7,066,929 | 6,482,387 | ||||||
Basic and diluted net income per ordinary share | $ | 0.46 | $ | 0.54 | ||||
For the three months ended September 30, 2021 | For the period from January 27, 2021 (inception) through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 3,329,246 | $ | 832,312 | $ | 5,825,738 | $ | 1,855,037 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 20,000,000 | 5,000,000 | 15,384,615 | 4,898,785 | ||||||||||||
Basic and diluted net income per share | $ | 0.17 | $ | 0.17 | $ | 0.38 | $ | 0.38 | ||||||||
Gross proceeds from IPO | $ | 200,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,133,333 | ) | ||
Class A ordinary share issuance costs | (4,473,710 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 13,607,043 | |||
Class A ordinary shares subject to possible redemption | $ | 200,000,000 | ||
June 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | September 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Description | ||||||||||||||||||||||||||||||||
U.S. government securities in Trust Account | $ | 200,007,135 | $ | 200,007,135 | 0 | 0 | $ | 200,010,548 | $ | 200,010,548 | 0 | 0 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant liabilities - Public | 6,666,667 | 6,666,667 | 0 | 0 | ||||||||||||||||||||||||||||
Warrant liabilities - Private | 4,333,334 | 0 | 0 | 4,333,334 | ||||||||||||||||||||||||||||
Warrant liabilities—Public | 3,866,667 | 3,866,667 | 0 | 0 | ||||||||||||||||||||||||||||
Warrant liabilities—Private | 2,513,334 | 0 | 0 | 2,513,334 | ||||||||||||||||||||||||||||
$ | 11,000,001 | $ | 6,666,667 | $ | 0 | $ | 4,333,334 | $ | 6,380,001 | $ | 3,866,667 | $ | 0 | $ | 2,513,334 | |||||||||||||||||
At March 25, 2021 (Initial Measurement) | At September 30, 2021 | |||||||
Share price | $ | 9.51 | $ | 10.00 | ||||
Strike price | $ | 11.50 | $ | 11.50 | ||||
Term (in years) | 5.00 | 5.00 | ||||||
Volatility | 30.0 | % | 11.0 | % | ||||
Risk-free rate | 1.26 | % | 1.15 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
At March 25, 2021 (Initial Measurement) | At June 30, 2021 | |||||||
Share price | $ | 9.51 | $ | 9.68 | ||||
Strike price | $ | 11.50 | $ | 11.50 | ||||
Term (in years) | 5.00 | 5.00 | ||||||
Volatility | 30.0 | % | 15.0 | % | ||||
Risk-free rate | 1.26 | % | 1.13 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Warrant Liabilities | ||||
Fair value as of January 27, 2021 | $ | 0 | ||
Initial measurement on March 25, 2021 | 15,070,000 | |||
Change in fair value | (550,000 | ) | ||
Fair value as of March 31, 2021 | 14,520,000 | |||
Change in fair value | (3,519,999 | ) | ||
Transfer of public warrant liabilities to Level 1 | (6,666,667 | ) | ||
Fair value as of June 30, 2021 | $ | 4,333,334 | ||
Warrant Liabilities | ||||
Fair value as of January 27, 2021 | $ | 0 | ||
Initial measurement on March 25, 2021 | 15,070,000 | |||
Change in fair value | (550,000 | ) | ||
Fair value as of March 31, 2021 | 14,520,000 | |||
Change in fair value | (3,519,999 | ) | ||
Transfer of public warrant liabilities to Level 1 | (6,666,667 | ) | ||
Fair value as of June 30, 2021 | 4,333,334 | |||
Change in fair value | (1,820,000 | ) | ||
Fair value as of September 30, 2021 | $ | 2,513,334 | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. |
Item 4. |
Item 1. |
Item 1A. |
Item 2. |
Item 3. |
Item 4. |
Item 5. |
Item 6. |
No. | Description of Exhibit | |
31.1* | ||
31.2* | ||
32.1** | ||
32.2** | ||
101.INS* | XBRL Instance Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Filed herewith. |
** |
TB SA ACQUISITION CORP | ||
/s/ Andrew Rolfe | ||
Name: Andrew Rolfe | ||
Title: | Chief Executive Officer | |
(Principal Executive Officer) | ||
| ||
/s/ James Crawley | ||
Name: James Crawley | ||
Title: | Chief Financial Officer | |
(Principal Financial and | ||
Accounting Officer) |